DEBT

Long-term Debt

Long-term debt at June 30, 2015 and December 31, 2014 consisted of the following:



	June 30, 2015			December 31, 2014

Secured Receivables Credit Facility (0.88% at June 30, 2015)	$	85		$	—
5.45% Senior Notes due November 2015	—			500
3.20% Senior Notes due April 2016	151			304
6.40% Senior Notes due July 2017	—			375
2.70% Senior Notes due April 2019	300			300
4.75% Senior Notes due January 2020	523			524
2.50% Senior Notes due March 2020	299			—
4.70% Senior Notes due April 2021	550			549
4.25% Senior Notes due April 2024	309			311
3.50% Senior Notes due March 2025	597			—
6.95% Senior Notes due July 2037	247			421
5.75% Senior Notes due January 2040	368			439
4.70% Senior Notes due March 2045	300			—
Other	34			39
Debt issuance costs	(27		)	(20		)

Total long-term debt	3,736			3,742
Less: Current portion of long-term debt	168			518

Total long-term debt, net of current portion	$	3,568		$	3,224

Current Portion of Long-Term Debt

At June 30, 2015, current portion of long-term debt was principally comprised of the 3.20% Senior Notes due April 2016. At December 31, 2014, current portion of long-term debt was principally comprised of the 5.45% Senior Notes due November 2015.

2015 Senior Notes Offering

In March 2015, the Company completed a $1.2 billion senior notes offering (the “2015 Senior Notes”) that was sold in three tranches: (a) $300 million aggregate principal amount of 2.50% senior notes due March 2020, issued at a discount of $1 million; (b) $600 million aggregate principal amount of 3.50% senior notes due March 2025; and (c) $300 million aggregate principal amount of 4.70% senior notes due March 2045. These senior notes are unsecured obligations of the Company and rank equally with the Company's other senior unsecured obligations. None of the Company's senior notes have a sinking fund requirement.

The Company incurred $11 million of costs associated with the 2015 Senior Notes, which is included as a reduction to the carrying amount of long-term debt and is being amortized over the term of the related debt.

Retirement of Debt

In March 2015, the Company commenced a cash tender offer to purchase up to $250 million aggregate principal amount of its 6.95% Senior Notes due July 2037 and 5.75% Senior Notes due January 2040 using a portion of the proceeds from the 2015 Senior Notes. The Company repurchased $176 million of its 6.95% Senior Notes due July 2037 and $74 million of its 5.75% Senior Notes due January 2040. In April 2015, the Company redeemed all of the 5.45% Senior Notes due November 2015, $150 million of the 3.2% Senior Notes due April 2016 and all of the 6.4% Senior Notes due July 2017 with the remaining proceeds from the 2015 Senior Notes. For the three and six months ended June 30, 2015, the Company recorded a loss on retirement of debt in other (expense) income, net of $65 million and $144 million, respectively, principally comprised of premiums paid in connection with these transactions.

Maturities of Long-Term Debt

As of June 30, 2015, long-term debt matures as follows:



Year Ending December 31,
Remainder of 2015	$	12
2016	244
2017	6
2018	4
2019	302
2020	801
Thereafter	2,375

Total maturities of long-term debt	3,744
Unamortized discount	(17		)
Debt issuance costs	(27		)
Fair value basis adjustments attributable to hedged debt	36

Total long-term debt	3,736
Less: Current portion of long-term debt	168

Total long-term debt, net of current portion	$	3,568

For further discussion regarding the Company's debt, see Note 13 to the consolidated financial statements in the Company's 2014 Annual Report on Form 10-K.